House Votes to Delay Obamacare Fines

3/5/2014 8:17:56 PM

By Fred von Wiegen

Finally, a bill relating to Obamacare gains bipartisan support in the U.S. House. The "Simple Fairness Act," which gives individuals and families an extra year to enroll in Obamacare before penalties kick in passed the U.S. House on Wednesday and now heads to the Senate for a vote.

Congressman Tom Reed - who voted in favor of the legislation - pointed out that the President has twice extended the deadline for big business and it's only fair that families and individuals get the same break.

Under the current law, individuals who do not purchase health insurance under Obamacare face a fine of $95.00 or one percent of taxable income for 2014. In 2015, that fine is set to increase to $325.00 or two percent of taxable income.

Essentially, the "Simple Fairness Act" insures that no one can be fined this year for not enrolling in Obamacare, but, next year, individual mandate penalties kick-in.